Welcome to our dedicated page for American National Bankshares news (Ticker: AMNB), a resource for investors and traders seeking the latest updates and insights on American National Bankshares stock.
American National Bankshares Inc. (NASDAQ: AMNB) is a multi-state bank holding company headquartered in Danville, Virginia. Established in 1909, the company operates under its primary subsidiary, American National Bank and Trust Company. With approximately 26 full-service banking offices spread across Virginia and North Carolina, American National Bank serves as a vital community bank offering a wide range of financial services.
American National Bank provides comprehensive financial services that include personal and business banking, wealth management, mortgage services, and investment products. The bank manages an additional $1.2 billion in trust, investment, and brokerage assets through its Wealth Management Division.
Recent Milestones and Financial Performance
In recent news, American National reported its fourth quarter 2023 earnings of $4.0 million, translating to $0.38 per diluted common share. This reflects a decrease from the previous quarter's earnings of $5.8 million but an increase in its overall annual performance with earnings totaling $26.2 million for the year. The company continues to maintain a robust balance sheet with total assets approximating $3.1 billion, a slight increase from the previous year.
Additionally, American National has declared a quarterly cash dividend of $0.30 per common share, payable on December 15, 2023. The dividend yield, based on the stock's closing price of $43.08 as of November 20, 2023, is approximately 2.8%.
Strategic Developments
A significant development for American National is its definitive merger agreement with Atlantic Union Bankshares Corporation (NYSE: AUB). This merger is expected to enhance its presence in Southwest and Southside Virginia, and also provide entry into North Carolina’s attractive Piedmont Triad region and Raleigh. The merger aims to create a stronger regional bank with combined assets of $23.7 billion, total deposits of $19.1 billion, and gross loans of $17.3 billion, based on financial data as of June 30, 2023. The transaction is projected to close in the first quarter of 2024, subject to regulatory and shareholder approvals.
Community and Market Position
American National Bank remains committed to community banking principles, supporting local businesses, and individuals with personalized banking services. Its long-standing history and strong market presence in Virginia and North Carolina enable it to compete effectively against larger national and regional banks.
To learn more about American National Bankshares Inc., visit their About Us page or explore their various locations here.
American National Bankshares announced a $10 million stock repurchase program authorized by its Board of Directors, effective through December 31, 2023. The program allows for the buyback of common stock through open market purchases or privately negotiated transactions, depending on market conditions. This initiative aims to enhance shareholder value and may impact earnings per share. American National, headquartered in Danville, Virginia, has total assets of approximately $3.0 billion and operates 26 banking offices across Virginia and North Carolina.
American National Bankshares Inc. (NASDAQ: AMNB) reported fourth quarter 2022 earnings of $8 million, or $0.76 per diluted share, down from $11.3 million, or $1.05 per diluted share in Q4 2021. Annual earnings for 2022 totaled $34.4 million, or $3.23 per share, compared to $43.5 million, or $4.00 per share in 2021. Loan growth remained strong at 20.3% annualized, while noninterest income decreased by 24.2%. The company recognized a provision for loan losses of $1.2 million. Net interest margin improved to 3.33%. Total assets at December 31, 2022, were $3.1 billion, reflecting a decrease of $268.7 million from the previous year.
American National Bankshares announces the passing of director Charles Somerville Harris, who died unexpectedly on December 7, 2022. A board member since 2008, Harris contributed significantly to the company, participating in various committees including Audit and Risk. CEO Jeffrey V. Haley expressed deep sorrow over the loss, highlighting Harris's commitment and impact on the bank. Harris had a notable career at Averett University, retiring in 2021. American National, based in Danville, Virginia, holds approximately $3.0 billion in assets and operates 26 offices in Virginia and North Carolina.
American National Bankshares (NASDAQ: AMNB) declared a quarterly cash dividend of $0.30 per share, payable on December 16, 2022, to shareholders on record as of December 2, 2022. This represents a $0.02 or 7.1% increase from the previous quarter's dividend, showcasing strong financial performance. The dividend yield stands at approximately 3.1% based on the closing price of $38.17 on November 15, 2022. The bank, with total assets of around $3.0 billion, continues to serve Virginia and North Carolina through its network of 26 banking offices.
American National Bankshares (NASDAQ: AMNB) reported third quarter 2022 earnings of $9.3 million, or $0.87 per diluted share, a decrease from $10.2 million, or $0.94 per share, in Q3 2021. Earnings for the nine months ending September 30, 2022, totaled $26.4 million, down from $32.2 million in 2021. Net interest income rose 11.7% quarter-over-quarter, driven by loan growth, achieving a margin of 3.20%. However, noninterest revenue fell 1.6% sequentially, and expenses increased 6.4%. The asset quality remains strong, with nonperforming assets at 0.05% of total assets.
American National Bankshares has appointed J. Nathan Duggins III and William J. Farrell II to its board, enhancing its leadership and strategic succession planning. Duggins, managing partner at Tuggle Duggins, brings expertise in corporate law and finance, while Farrell, president of Berglund Automotive Group, offers extensive experience in operations and community banking. Both appointees are active in their communities, reinforcing the bank's commitment to local engagement. American National, holding approximately $3 billion in assets, aims to leverage their expertise to strengthen its presence in Virginia and North Carolina.
American National Bankshares reported Q2 2022 earnings of $8.1 million, or $0.76 per diluted share, down from $10.8 million a year earlier. Year-to-date earnings totaled $17.1 million, down 22.6% from $22.1 million in 2021. Net interest income increased by 5.1% quarter-over-quarter to $21.5 million but decreased 1.3% year-over-year. Noninterest income fell 13.6% from Q1 2022, mainly due to lower mortgage banking revenues. The company remains well-capitalized with a tangible common equity ratio of 7.58%. Asset quality improved with nonperforming assets at 0.05% of total assets.
American National Bankshares Inc. (NASDAQ: AMNB) has declared a quarterly cash dividend of $0.28 per common share, payable on September 16, 2022 to shareholders of record by September 2, 2022. This dividend maintains the same amount as the prior quarter, yielding approximately 3.1% based on a closing stock price of $35.60 as of July 19, 2022. The bank, headquartered in Danville, Virginia, manages around $3.3 billion in total assets and serves Virginia and North Carolina with 26 banking offices.
American National Bankshares Inc. (NASDAQ: AMNB) has declared a quarterly cash dividend of $0.28 per common share, payable on June 17, 2022, to shareholders on record as of June 3, 2022. This dividend matches the previous quarter's amount, with a yield of approximately 3.2% based on the stock's closing price of $34.52 on May 16, 2022. The company, headquartered in Danville, Virginia, boasts total assets of about $3.3 billion and operates a community bank serving Virginia and North Carolina, managing additional $1.1 billion in wealth management assets.
American National Bankshares reported Q1 2022 earnings of $9.0 million ($0.84 per diluted share), down from $11.3 million in Q1 2021. Key highlights include a 9.5% increase in average loans held for investment and a 14.14% return on average tangible common equity. However, net interest income decreased by 11.5% quarter-over-quarter to $20.5 million, attributed to lower PPP income. Nonperforming assets fell to 0.06% of total assets. Despite regulatory concerns regarding inflation and loan production pressures, the company remains optimistic about customer support and market performance.
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